19201123_minutes.pdf

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A meeting of the Federal Reserve Bo.ord was held in the office of the Bom-d. on Tuesday, :7ovember 23d. at 11:10 a.m. PRESENT: The Chairnen The Governor Mr. Platt Mr. Hanlin Mr. Wills Mr. Hoxton, Secretary. P6E11T ALSO: Mr. Troubridge. Reading of the minutes of Kovember 22d. was omitted. Pursuant to previous agreement, the Governor stated that the Board v.ould consider the building plans proposed for the Federal Reserve Bank of Cleveland, and Governor Fancher, Deputy Governor Fleming and the architects of the Cleveland Bank were invited to join the meeting. After full discussion and the exhibition of various plans and drawings, the Federal Reserve Bank of Cleveland was, upon motion, au- thorized, to proceed with the construction of a building in general conformity with the drawings exhibited, to contain 6,000,000 cubic feet of space. Hr. Wills desired to be re- garded as not voting. (At this point Hr. Miller and Mr. Login entered the meeting, and Llessrs. - Anchor, Fleming and their architects Withdrew.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Page 1: 19201123_Minutes.pdf

A meeting of the Federal Reserve Bo.ord was held

in the office of the Bom-d. on Tuesday, :7ovember 23d. at

11:10 a.m.

PRESENT: The ChairnenThe GovernorMr. PlattMr. HanlinMr. WillsMr. Hoxton, Secretary.

P6E11T ALSO:Mr. Troubridge.

Reading of the minutes of Kovember 22d. was omitted.

Pursuant to previous agreement, the Governor stated

that the Board v.ould consider the building plans proposed

for the Federal Reserve Bank of Cleveland, and Governor

Fancher, Deputy Governor Fleming and the architects of the

Cleveland Bank were invited to join the meeting. After full

discussion and the exhibition of various plans and drawings,

the Federal Reserve Bank of Cleveland was, upon motion, au-

thorized, to proceed with the construction of a building in

general conformity with the drawings exhibited, to contain

6,000,000 cubic feet of space. Hr. Wills desired to be re-

garded as not voting.

(At this point Hr. Miller and Mr. Login entered the

meeting, and Llessrs. -Anchor, Fleming and their architects

Withdrew.)

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Page 2: 19201123_Minutes.pdf

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The Governor stated that, pursuant to the action

Of the Board yesterday, the next subject in order would be

the matter of the Board's administration of the Clayton

Act.

After discussion, it was upon motiondetermined to post.)one further considerationof this matter, until replies shall be re-ceived to the letters upon this subject sentout yesterday to all Federal 7teserve Agents.

(At this point the Chairman withdrew from the

meeting).

The Governor reported the reserve positions of

the several Federal 'reserve Banks as at close of business

:Tovember 20th, and the status of rediscounts between the

Federal :Reserve Banks as of the mme date.

The Governor reported rediscount transactions,

member bank promissory notes secured by Government obliga

tions; rate 7, and 7,6 on Commercial paler. as follows:

Date Bank redis-count

'nth Amount -aturities

20 Atlanta Cleveland. :'2,200,000. l0-90 dys.rov. 20 :linneapol is Cleveland 1,500,000. 11-15 "rov. . 22 Kansas city Cleveland 8,000,044.50 11-15 "

rov. 22 Minneapolis Cleveland 3,000,000. ( 1-)0"(11-15"

.1,7emorandum dated 1,:ovenber 17th, from the Division

Of Examination, sucrest ins a change in the conditions for

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Page 3: 19201123_Minutes.pdf

931

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membership imposed upon the Dime Deposit Bank of Kulpmont,

Pennsylvania.

Approved.

Letter dated November 20th, from the Federal Reserve

Bank of TIinneapolis, requesting the Board's approval of an

expenditure amounting to 1,'7500. for additional vault con-

struction, nude necessary by that Bank's interrled assumption

on December 1st of Sub-Treasury Functions.

Referred to the Governor with power.

'IMORTS OF C01IITTI2 NO. 1:

Dated Nov. 18th, Recomend.ing admission of State insti-

tutions, as set forth in the auxiliary

minute book as of this date, subject

to the conditions stated in the indivi-

dual reports attached to each applica-

tion.Approved.

Dated Nov. 18th, Recommending approval of applications

for fiduciary powers, as set forth in

the auxiliary minute book as of this

date.Approved.

Dated Nov. 22d, Recommending approval of application

for fiduciary powers, as set forth in

the auxiliary minute book as of this

date.Approved.

Dated Nov. 18th, Recommending approval of application

of Lir. A. W. Hurley to serve at the

SaM3 time as Officer and Director of

the First National Bank of Tulsa, Okla.

and as Officer and Director of the

Citizens National Bank, of Pawhuska,

Oklahoma.Approved.

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Page 4: 19201123_Minutes.pdf

Dated Nov.20th, Recommending approval of application

of lat. C. Harry Rogers, to serve at

the sane time as Director of the Glou-

cester Safe Deposit & Trust Co., of

Gloucester, Mass., and as Director of

the Rockport National Bank, of Rockport,

Mass.Approved.

Other business was presented and disposed of as

follows:

In regard to the proposed building of a bank annex

by the Federal Reserve Bank of Richmond Which was referred

at the last meeting to Messrs. Platt and Wills, Mr. Wills

reported that, after a conference with the Consulting Ar—

chitect, he and Fr. Platt were of the opinion that the Fed-

eral Reserve Bank of Richmond, for physical reasons, can•

only utilize the rear lot referred to in the recent letter

from the Chairman of that Bank, but that the Bank should al-

so obtain an option on the property known as the Academy

of Music lot.

The Governor was requested to authorize

the acquisition by the Federal Reserve Bank

of Richmond of the additional space as indi-

cated, with the understanding that the Bank

also secure an option upon the Academy of Mu-

sic property.

The Governor submitted a proposed amendment to Sect-

ion 11, Sul-Section (c) of the Federal Reserve Act.

Referred to Mr. Hamlin.

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The Governor submitted a proposed ameadme t to Sect-

ion 1 Sub-Section (m) of the Federal Reserve Act.

Referred to Yr. Logan for incorporationof a prevision covering State Member Banks.

Letter dated November 20th, from the Governor of

the Federal Reserve Bank of Dallas, enclosing a circular

proposed to be sent out shortly by tbat Bank, covering the

matter of credit control.

Noted.

At 1:25 p.m. the re 'lug adjourned.

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Secretary.

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